Cars Clips: July 11, 2024
Department of Energy (DOE) |
Biden administration to award nearly $1.1 billion to Stellantis, GM for EV production — “The Biden administration plans to award General Motors (GM.N) and Chrysler-parent Stellantis nearly $1.1 billion in grants to convert existing plants to build electric vehicles and components, it said on Thursday.” [Reuters, 7/11/24 (=)]
Biden unveils $1.7 billion to boost EV production at U.S. auto factories — “The Energy Department on Thursday unveiled $1.7 billion for retooling 11 auto factories to make electric vehicles and their components, with a focus on facilities that have shuttered or could close without federal help.” [Washington Post, 7/11/24 (=)]
Biden tosses electric lifeline to auto industry — “The Energy Department is giving automakers and suppliers nearly $2 billion to save at-risk or shuttered plants — if they convert to serve the electric vehicle market. Why it matters: The money via the 2022 climate law is among the most direct White House attempts to fuse manufacturing and climate policies. And it can't be untethered from politics — some of the 11 facilities are in swing states, including Pennsylvania and Michigan. Driving the news: Officials on Thursday unveiled preliminary decisions to provide a combined $1.7 billion to help with conversions and retooling projects across eight states for making EVs and related components.” [Axios, 7/11/24 (=)]
White House doubles down on electric vehicles as Trump derides them — “The White House has announced plans to invest nearly $2 billion in electric vehicles, doubling down on the administration’s EV push as former President Donald Trump campaigns hard against it.” [Washington Examiner, 7/11/24 (=)]
Biden awards $1.7 billion to boost electric vehicle manufacturing and assembly in eight states — “The Biden administration is awarding nearly $2 billion in grants to help restart or expand electric vehicle manufacturing and assembly sites in eight states, including the presidential battlegrounds of Michigan, Pennsylvania and Georgia. The Energy Department will issue grants totaling $1.7 billion to create or retain thousands of union jobs and support auto-based communities that have long driven the U.S. economy, the White House said Thursday. Besides the three battleground states, grants also will go to EV facilities in Ohio, Illinois, Indiana, Maryland and Virginia.” [AP, 7/11/24 (=)]
Biden sends $1.7B to convert struggling auto plants into EV factories — “The Energy Department on Thursday selected 11 struggling or shuttered automotive plants to receive a total of $1.7 billion in grants to help retool their factories to produce electric vehicles, a bid to preserve thousands of union jobs while advancing the Biden administration’s clean energy transition. The grants, funded by the Inflation Reduction Act, are expected to save more than 15,000 auto sector jobs and create nearly 3,000 new ones across eight states, including several swing states expected to be key in the presidential election this fall.” [Politico, 7/11/24 (=)]
Courts & Legal |
Waev Sues IRS Over Rule Exclusion From Clean Vehicle Tax Credit — “Electric vehicle maker Waev Inc. on Wednesday sued the US Department of the Treasury and the IRS for creating a final rule that excluded the company’s low-speed GEM line of electric cars from the Inflation Reduction Act’s EV tax credit program. The Anaheim, Calif.-based Waev said the final rule created by those agencies’ establishing that clean vehicles with a maximum speed of 25 miles per hour or less don’t qualify for the credit violates the Administrative Procedure Act because because the rule is arbitrary and capricious.” [Bloomberg Law, 7/10/24 (=)]
Vehicle & Engine Manufacturers |
Michigan, Ford coming to terms with electric vehicle industry setback — “Flush with state government incentives, Ford is looking to backtrack on its electric vehicle plans by at least $750 million. The Detroit-based automobile maker is working with the Michigan Economic Development Corp. to cancel two projects, in response to lack of customer demand in the electric vehicle market. The state and Ford agreed on Tuesday to cut significant funding on a battery factory outside Marshall.” [Center Square, 7/10/24 (=)]
General Motors Deal With EPA Highlights Scrutiny of Vehicles’ ‘In-Use’ GHGs — “General Motors (GM) has agreed to retire 50 million metric tons of greenhouse gas emissions credits -- and pay nearly $150 million in fines for violating fuel economy standards -- due to higher “in-use” GHG emissions from certain model year 2012-2018 vehicles than were allowed under EPA and Transportation Department regulations. The agreement is an example of EPA using in-use testing to scrutinize vehicle emissions, separate from scrutiny major automakers have faced in recent years over failures to meet emissions standards that apply upon certification of new vehicles for sale. But one environmentalist tracking the issue suggests the agreement EPA reached with the automaker might be more generous than companies would receive for similar violations under the agency’s recently finalized GHG rules for subsequent model years that include tighter enforcement of in-use vehicle standards.” [Inside EPA, 7/10/24 (=)]
How Rivian Became the Anti-Tesla — “Like a lot of people, Chris Hilbert has complicated feelings about his Tesla Model S. Hilbert, who is 44 and lives outside Indianapolis, loves his car’s instant torque and neck-snapping acceleration, but there are other aspects of Tesla ownership he finds less appealing. For instance, he doesn’t credit the company’s claims that his car is a few software updates away from being able to operate autonomously, and he wouldn’t particularly care about such a capability, even if it existed.” [Bloomberg, 7/11/24 (=)]
States & Local |
9 segments of Arizona highways may be added to planned network of EV charging stations — “Nine Arizona highways may be added to a planned network of electric vehicle fast-charging stations under a proposed plan open to public input at a virtual meeting Wednesday evening, the Arizona Department of Transportation announced. The additional highways would be added to a list of routes ADOT's 2024 Electric Vehicle Infrastructure Deployment Plan is looking to implement electric vehicle fast-charging stations nearby. Arizona's installment of fast chargers is funded by the National Electric Vehicle Infrastructure program, which offers $76.5 million in federal funding for expanded public electric vehicle charger accessibility.” [Arizona Republic, 7/10/24 (=)]
Maryland announces 23 new electric vehicle charging stations along major highways by fall 2025 — “The Maryland Department of Transportation will pay to install electric vehicle charging stations at 23 new sites along key state highways by the fall of 2025, thanks to a federal funding program. The stations, with a total of 130 plugs, will be installed at gas stations, convenience stores, travel centers and shopping malls in 15 counties. The sites include several Royal Farms, Sheetz and Wawa stores around the state, the Towson Town Center and the outlet shops in West Ocean City.” [Baltimore Sun, 7/10/24 (=)]
Ohio's gas tax collections remain high — “Ohio's gas taxes still make up a significant share of our state tax revenue, but the state transportation department expects that will eventually change amid the rise in electric vehicles. Why it matters: Gas taxes are used to pay for public roads and bridges, and other states are seeing revenue declines due to EVs and more fuel-efficient hybrids. By the numbers: Ohio collected over $675 million in gas taxes in the first three months of 2024 alone, per U.S. Census Bureau data. The state has averaged $658 million in quarterly collections since the tax was last raised in 2019. The Q1 figure made up nearly 8% of the state's total tax revenue, meaning Ohio is more reliant on gas taxes than its similarly populated peers.” [Axios, 7/11/24 (=)]
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